The world’s leading cryptocurrency exchange Binance, new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng recently expressed confidence in the crypto company’s fundamentals.
Binance Fundamentals Shows Strength Amid Challenges, New CEO
Earlier today, Binance’s new CEO confidently revealed the crypto company’s fundamental strength despite recent challenges. The CEO took over his official X account (formerly Twitter). part his belief in the company. According to Teng, the fundamentals of the company’s business are still solid.
Related reading: Bitcoin Price Drop Due to Binance Settlement Could Be a Buying Blip – Here’s Why
Moreover, the CEO has claimed that the company will continue to operate as the largest crypto exchange in the world. Teng pointed to several areas that will allow the company to maintain its position in the crypto market. These include its debt-free capital structure, modest expenses and robust revenues and profits.
Teng said:
Binance continues to operate the largest crypto exchange in the world by volume, our capital structure is debt-free, fees are modest, and despite the low fees we charge our users, we have robust revenues and profits.
Richard Teng’s X-post responded to another X-post from a user who highlighted Binance’s earnings due to the DOJ’s $4 billion fine. According to the user, the company “has no problem paying the fine as its total assets are estimated at approximately $6.35 billion.”
In addition, the crypto company also owns approximately $3.19 billion worth of Stablecoins. Interestingly, the funds mentioned do not include off-chain cash balances or funds held in portfolios outside the Proof of Reserve (PoR). The message read:
I pulled Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35 billion in total assets and $3.19 billion in stablecoins. Does not include cash balances outside the chain or funds in wallets, not in PoR. Most likely able to pay the entire $4.3 billion DoJ fine with 0 crypto assets sale.
Changpeng CZ Zhao pleads guilty to crime
This is so important that despite the craze after the former Binance’s CEO Changpeng CZ Zhaothe company remains strong, according to the new CEO. Changpeng was accused of money laundering in the US, which he recently did pleaded guilty to the indictment. Additionally, the former CEO has agreed to pay approximately $50 million as part of his plea deal.
On top of the fine is Binance’s $4 billion fine as part of a settlement. The company’s fine is considered one of the largest corporate fines in U.S. history.
Featured image of Binance chart by Tradingview.com
